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Binance: BNB soars above $700, best crypto asset in February
By Daniele Corno
BNB flexes its muscles and flies to $700, surpassing Solana: In the uncertainty of February, Binance's coin is one of the only ones in the top 100 to show green
BNB is the best asset in February's top 100
After the collapse of February 3, the negative pressure on the market is not ending anytime soon.
Rising inflation in the US market, with data released the previous afternoon, also has an impact. In fact, the market is pricing in no cut in interest rates at the March 19 meeting and Bitcoin is contracting in a range compressed between $98,000 and $93,000.
At the time of writing, BTC is down -6% in the month of February, while Ethereum has tripled the loss with a -18% drop. The same fate has befallen most Altcoins, which are showing losses in the region of -20%, but among these, there are some that are bucking the trend.
We are obviously talking about BNB, the coin of the world’s largest exchange, Binance. It is one of the only cryptocurrencies in the top 100 to show a green candle on the monthly chart, with a modest +3.5%. This value is different if we look at the price from the low of February 3 in the $500 dollars area, from which BNB exploded with a +40% exceeding $700 dollars.
$1 billion quarterly BURN, rewards for users and Binance Chain takes off
Amid market uncertainty, after the liquidations of February 3 that wiped out billions in speculative trades, the market values what it distributes.
The last quarter of 2024 saw a Burn of the supply equal to a dollar value exceeding $1 billion, with prospects even higher for the current quarter. A process that, at present, has a total burn of close to 30% of the entire market supply, making BNB an increasingly scarce asset.
The rewards distributed to BNB HODLers also help, with 3 HODLer Airdrops distributed in the last 3 weeks, from ANIME to BERA and LAYER.
The ecosystem present on the Binance Chain benefits directly from the growth of BNB. Venus and PancakeSwap gain +15% TVL with an increase of approximately +$150 million each. Tokens also benefit directly, with CAKE and XVS marking +42% and +31% respectively in the last 24 hours.
